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TOPIC: Selling of a mortgaged property

Selling of a mortgaged property 6 months 3 days ago #8473

Hi friends, i currently stay abroad and parents are selling a house back in India. The house is currently in mortgage and the agent says:
1. Do stamp duty registration (paid by buyer)
2. Register the Sale Deed
3. Received a DD of initial amount
4. Buyer the submits registered sale deed to his bank and then bank proceeds to get NOC and other docs from the society
5. All verified bank proceeds to the other bank who has the original house docs and then settles the remaining loan amount and pays the remaining to the us.

During step 1-3 there will be MOU between my parents and the buyer stating the house posession states with them until the remaining amount is paid.

Can you please advice if this is correct?
  • Mohd
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Selling of a mortgaged property 6 months 3 days ago #8474

This process sounds good to me. However, make sure that you also mention the pending amount in sale agreement and register the same in the registrar's office. This will ensure that the buyer will definitely pay the amount.
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